IPW iPower Inc

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of report (date of earliest event reported): May 22, 2024

 

iPower Inc.

(Exact name of registrant as specified in its charter)

 

Nevada		001-40391		82-5144171
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

 

8798 9th Street

Rancho Cucamonga, CA 91730

(Address Of Principal Executive Offices) (Zip Code)

 

(626) 863-7344

(Registrant’s Telephone Number, Including Area Code)

 

___________________________ 

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock $0.001 per share		IPW		The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Item 7.01

Regulation FD Disclosure.

 

On May 22, 2024, iPower Inc., a Nevada corporation (the “Company”), issued a press release announcing a strategic partnership with Western Post (US) LLC, a leading provider of comprehensive logistics solutions (“Western Post”).

 

Through this collaboration, Western Post will integrate its fulfillment center network and real-time tracking and monitoring systems into the Company’s SuperSuite supply chain business, enhancing the platform’s operational efficiencies and technological capabilities. Western Post’s clients will gain direct access to the Company’s sales channels, enabling them to accelerate their growth and market presence in the U.S. By leveraging Western Post's network of customers, the Company expects to unlock a wealth of potential supply chain and brand partners, a crucial step in the Company’s strategy to diversify and bolster its offerings in both the online and offline retail channels.

 

A copy of the press release is attached hereto and incorporated herein by reference.

 

In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. Such information may be incorporated by reference in another filing under the Exchange Act or the Securities Act of 1933, as amended, only if and to the extent that such subsequent filing specifically references such information.

 

Item 9.01.

Financial Statement and Exhibits.

  

(d) Exhibits.

 

Exhibit No.		Description
99.1		Press Release dated May 22, 2024
104		Cover Page Interactive Data File (formatted in Inline XBRL)

 

 

 

 

 

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

		iPower Inc.
Dated: May 22, 2024
		By: /s/ Kevin Vassily
		Name: Kevin Vassily
		Title: Chief Financial Officer

 

 

 

 

 

 

 

 

 

Exhibit 99.1

 

 

iPower Partners with Western Post to Elevate

SuperSuite Platform Capabilities

 

RANCHO CUCAMONGA, CA, May 22, 2024 -- iPower Inc. (Nasdaq: IPW) (“iPower” or the “Company”), a tech and data-driven online retailer and supplier of consumer home, pet and garden products, as well as a provider of value-added ecommerce services, today announced a strategic partnership with Western Post (US) LLC, a leading provider of comprehensive logistics solutions (“Western Post”).

 

Through this collaboration, Western Post will integrate its fulfillment center network and real-time tracking and monitoring systems into iPower’s SuperSuite supply chain business, enhancing the platform’s operational efficiencies and technological capabilities. Western Post’s clients will gain direct access to iPower’s sales channels, enabling them to accelerate their growth and market presence in the U.S. By leveraging Western Post's network of customers, iPower expects to unlock a wealth of potential supply chain and brand partners, a crucial step in the Company’s strategy to diversify and bolster its offerings in both the online and offline retail channels.

 

“We believe that our strategic partnership with Western Post represents one of the first wins for SuperSuite’s growing partner ecosystem,” said Lawrence Tan, CEO of iPower. “We also believe that Western Post not only adds critical depth to our logistics capabilities but opens the door to a new portfolio of partners that can benefit from SuperSuite’s comprehensive offerings. We look forward to building a mutually beneficial partnership with Western Post as we continue to drive sales growth for partners while adding market-leading capabilities to our robust services platform.”

 

Western Post CEO, Yang Liu, added, “Partnering with iPower’s SuperSuite platform significantly enhances our value proposition by providing our clients with access to an extensive network of sales channels across the U.S. We anticipate unlocking synergies and operational efficiencies through this collaboration as we integrate our logistics technology, reinforcing our commitment to delivering an unmatched solution for our customers. We look forward to a productive and successful partnership ahead.”

 

About iPower Inc.

 

iPower Inc. is a tech and data-driven online retailer and supplier of consumer home, pet and garden products, as well as a provider of value-added ecommerce services for third-party products and brands. iPower's capabilities include a full spectrum of online channels, robust fulfillment capacity, a network of warehouses serving the U.S., competitive last mile delivery partners and a differentiated business intelligence platform. With these capabilities, iPower efficiently moves a diverse catalog of SKUs from its supply chain partners to end consumers every day, providing the best value to customers in the U.S. and other countries. For more information, please visit iPower's website at www.meetipower.com.

 

About Western Post (US) LLC

 

Western Post (US) LLC specializes in logistics services for large merchandise, supported by a technologically advanced supply chain system that includes real-time tracking and monitoring. With over 3 million square feet of warehouse space, Western Post is committed to delivering tailored logistics solutions that enhance operational efficiency and client profitability.

 

Forward-Looking Statements

 

All statements other than statements of historical fact in this press release are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that iPower believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. iPower undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, except as may be required by law. Although iPower believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and iPower cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results and performance in iPower's Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, or the SEC on September 15, 2023, its Quarterly Reports on Form 10-Q, and in its other SEC filings.

 

Investor Relations Contact:

Sean Mansouri, CFA

Elevate IR

(720) 330-2829

IPW@elevate-ir.com

v3.24.1.1.u2

Cover	May 22, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	May 22, 2024
Entity File Number	001-40391
Entity Registrant Name	iPower Inc.
Entity Central Index Key	0001830072
Entity Tax Identification Number	82-5144171
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	8798 9th Street
Entity Address, City or Town	Rancho Cucamonga
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91730
City Area Code	(626)
Local Phone Number	863-7344
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock $0.001 per share
Trading Symbol	IPW
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false

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